Sensex scales 13,000 barrier due to firm global bourses

Mumbai, Apr 9 (UNI) The 30 scrips of BSE Sensex today again crossed 13,000 mark and touched at 13,096.41 points from its last close of 12,856.08 points, in the mid-morning session on sustained heavy speculative demand from FIIs and some mutual funds, brokers said.

The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) surged in opening trade, as domestic bourses tracked firm global markets.

IT, Banking and Auto shares edged higher, taking the Sensex past the psychologically-important 13,000 level.

The Sensex opened firm at 12,904.85 points, later it was up by 209 points, at 13,096.41. It also had a low at 12,904.85 during intra-day trade.

Similarly, the S&P CNX Nifty index of the National Stock Exchange (NSE) also spurted by 65 points and the current index also crossed further at 3,800 mark, touching a high at 3,817.70 points from its last finish of 3,752.00.

It resumed, however, flat at 3,752.90. Later, it recorded a high at 3,820.00 and a low at 3,747.25 points in mid-morning session.

IT bellwether Infosys gained by 2.6 per cent to Rs 2,045, TCS hiked by 1.5 per cent to Rs 1,212 and Satyam Computer rose by 1.1 per cent to Rs 460.90. A strong US jobs data released on Friday, has boosted IT shares.

Steel makers edged up, tracking firm global steel prices. Tata Steel gained by 3.3 per cent to Rs 480.60, and SAIL rose by 3 per cent to Rs 118.20.

PSU power equipment major BHEL advanced by 2.4 per cent to Rs 2,416, extending last week's rally, triggered by its strong provisional financial performance for FY 2007. BHEL reported a 42 per cent rise in net profit for FY 2007, as per provisional figures.

Banking scrips extended their recovery which began late last week. State Bank of India (SBI) rose 2.4 per cent to Rs 971. SBI raised its benchmark prime lending rate by 50 basis points to 12.75 per cent per annum with effect from Monday (April 9), the state-run bank said on Saturday (April 7). The hike is in response to the Reserve Bank of India (RBI) raising the repo rate and cash reserve ratio (CRR) on March 30, 2007.

While ICICI Bank gained 1.7 per cent to Rs 853, HDFC Bank advanced 2 per cent to Rs 962.

ONGC rose 1.1 per cent to Rs 854. ONGC Videsh, the overseas investment arm of Oil and Natural Gas Corporation (ONGC), and its partner IPR Red Sea Inc, have made a significant new oil find in the Gulf of Suez, ONGC said on Thursday.

Asian stocks also rose during the morning session, with South Korea and Singapore hitting record highs, as a positive US jobs data buoyed exporters such as Sony, sparking hopes of increased sales to their biggest overseas market.

US stocks ended higher on Thursday, lifted by a proposed USD 4.5 billion offer for Daimler Chrysler's Chrysler Group by billionaire Kirk Kerkorian. The Dow Jones industrial average and the NASDAQ Composite Index rose 0.2 per cent and 0.5 per cent, respectively.

Friday's employment report showed US employers added a stronger-than-expected 180,000 new jobs in March, while the US unemployment rate fell to a five-month low.

Oil prices extended losses to trade under USD 64 a barrel after 15 British military personnel freed by Iran arrived home, resolving a stand-off and easing immediate fears of supply disruptions from the Middle East, brokers added.

UNI